Bus Math Ch 6 Quiz #3 (Practice)

What term is used to describe the fee associated with transferring ownership and registration of a vehicle?

• Lease Term

• Residual Value

• Registration Fees

• Lessor

What is the term for the contract between a car owner and another party that allows the latter to use the car for a specific time period?

• Lease

• Loan Fee

• Lessee

• Lessor

Which term refers to the price negotiated by the customer and the dealer, which is used to calculate monthly lease payments?

• Lease Price

• Trade-in Value

• Resale Value

• Mileage Allowed

What does 'Residual Value' refer to in a leasing agreement?

• The value of the car at the start of the lease

• The depreciation value of the car

• The value of the car at the end of the lease

• The cost of insurance for the car

Which term describes the coverage for damage to your own vehicle in an accident?

• Bodily Injury

• Collision

• Property Damage

• Comprehensive Damage

A contract granting the right to use a piece of property for a specified time period for a set monthly payment that covers the depreciation, finance charge, prepaid mileage, and other fees.

• Insurance contract

• Residential rental contract

• Lease contract

• Real property rental contract

The length of the lease, usually stated in months.

• Lease coverage

• Lease term

• Lease Premium

• Lease Value

The person who will be given the right to use the car for a specified time period.

• Lessor

• Lesee

The company that owns the car and grants the right for another person to use it.

• Lessor

• Lessee

The market value, or the amount you get to purchase a car for at the end of a lease.

• Amortized Value

• Depreciated Value

• Residual Value

• Correct Value